No salary reviews this year

An email came through this week from head office (overseas) that virtually no employees would be getting salary reviews (raises) this year as part of our normal annual cycle, due to "the macroeconomic environment". We are a few weeks out from the time of year we usually receive our notification of our salaries being adjusted upward by a couple of percentage points.

Would go into greater detail but may risk identifying my firm.

Anyone else going through this? Is this a cue to look elsewhere, or should I ride it out? I've been here for years and had a number of promotions in that time, and enjoy very flexible working hours and a lot of extra leave. Also really enjoying working with my team, clients/account, and my manager. Culture is pretty good aside from this.